JP Morgan CEO warns world is facing ‘the most dangerous time in decades’
Billionaire bank boss Jamie Dimon has issued a stark warning to the world that people may be living through 'the most dangerous time in decades'
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Billionaire bank boss Jamie Dimon has issued a stark warning to the world that people may be living through "the most dangerous time in decades".
The chief executive of JP Morgan Chase told investors that escalating conflict across the globe could have “far-reaching impacts” on energy and food prices, and global trade.
The CEO warned that wars in Ukraine and Israel could cause interest rates to increase further in the United States and the savings of consumers diminish.
Dimon spoke as the firm revealed its latest quarterly results, which reported $13bn (£10.7bn) in profit over the three months to September, up 35 per cent from the same period in 2022.
The chief executive of JP Morgan Chase told investors that escalating conflict across the globe could have 'far-reaching impacts' on energy and food prices, and global trade
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It comes after thousands of people have been killed in Israel and Gaza after a surprise attack by Palestinian terror group Hamas.
He said: "My caution is that we are facing so many uncertainties out there.
"The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships.
"This may be the most dangerous time the world has seen in decades.
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“While we hope for the best, we prepare the firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
Dimon informed staff earlier this week that JP Morgan employees in the region had been confirmed safe.
“This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy,” he wrote in an internal memo.
Dimon has been known to speak out on on political matters.
Thousands of people have died after Hamas militants attacked Israel
GETTYHe has condemned attacks by the Hamas militant group, telling employees that the bank stood with "the people of Israel".
On Friday, he opened his conference saying the bank was "deeply saddened ... about the recent horrific attacks on Israel and the resulting bloodshed and more."
"Terrorism and hatred have no place in our civilized world, and all of our hearts here at JP Morgan Chase go out to all who are suffering."